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Discussion Starter · #1 ·
So in anticipation of picking up my FE next month, I'm trying to decide whether I should do a private party sale of my 2019 Niro EV Premium with less than 24K on the odometer or do a trade in with the dealer. I've never done a trade in with a dealer before so this will be a new adventure for me. I did a KBB lookup for the value of the car for my area (Colorado Springs, CO) and it looks like unfortunately it is worth right around what I still owe on it. I guess this could be good or bad depending on how you look at it.

I post this because there are a lot of really smart and experienced individuals within this forum so I'm looking for a little mentorship sent my way!

If a private party sale is recommended, what are some suggestions for where to list it, i.e., Facebook Marketplace, Craigslist, Autotrader, etc...

If a trade in is recommended, please don't assume I know anything about this process and share any tidbits of experience 馃槆
!

Thank you in advance!
 

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So in anticipation of picking up my FE next month, I'm trying to decide whether I should do a private party sale of my 2019 Niro EV Premium with less than 24K on the odometer or do a trade in with the dealer. I've never done a trade in with a dealer before so this will be a new adventure for me. I did a KBB lookup for the value of the car for my area (Colorado Springs, CO) and it looks like unfortunately it is worth right around what I still owe on it. I guess this could be good or bad depending on how you look at it.

I post this because there are a lot of really smart and experienced individuals within this forum so I'm looking for a little mentorship sent my way!

If a private party sale is recommended, what are some suggestions for where to list it, i.e., Facebook Marketplace, Craigslist, Autotrader, etc...

If a trade in is recommended, please don't assume I know anything about this process and share any tidbits of experience 馃槆
!

Thank you in advance!
First off I would go online with Carvana and see what they will do they鈥檝e been outbidding everybody
Then I would go and see what the dealer would offer.

One more thing to consider how much you would save in sales tax on the trade in

If you Bought your present car and took a loan you鈥檝e already paid sales tax on it in the state that I live in I would not have to pay sales tax on The amount they give me for the trade in if I applied towards the purchase Even if I had a loan
 

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FE Glacier #683
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Discussion Starter · #3 ·
First off I would go online with Carvana and see what they will do they鈥檝e been outbidding everybody
Then I would go and see what the dealer would offer.

One more thing to consider how much you would save in sales tax on the trade in

If you Bought your present car and took a loan you鈥檝e already paid sales tax on it in the state that I live in I would not have to pay sales tax on The amount they give me for the trade in if I applied towards the purchase Even if I had a loan
Thank you Jack for the advice! I did try Carvana and they offered over 10K less than what I currently owe. Thankfully because I'm a disabled veteran, the state of Colorado doesn't charge me sales tax on one of my vehicles I own which is a huge blessing. With that said I didn't know any residual value in a car would lower the taxable value on a new car! That sir is good to know for future car purchases.
 

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Thank you Jack for the advice! I did try Carvana and they offered over 10K less than what I currently owe. Thankfully because I'm a disabled veteran, the state of Colorado doesn't charge me sales tax on one of my vehicles I own which is a huge blessing. With that said I didn't know any residual value in a car would lower the taxable value on a new car! That sir is good to know for future car purchases.
Thank you very much for your service
I appreciate you
One other thing you can try is go to Kelley blue book (kbb) and they will post it with dealers and a few dealers in your area may make an offer that is the way I sold my 2019 Optima lease
I made out pretty good
Good luck
 

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I'd get a quote for purchase from Carmax also. I found they offered more than anyone else when I sold my 2021 Santa Fe Limited. A local dealer gave me a quote that was slightly higher than carmax, but when I got in front of them, they wanted to give me $3k less. So I walked, went to Carmax, and hour later had a check in my hand.
 

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FE Glacier #683
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Discussion Starter · #6 ·
Thank you very much for your service
I appreciate you
One other thing you can try is go to Kelley blue book (kbb) and they will post it with dealers and a few dealers in your area may make an offer that is the way I sold my 2019 Optima lease
I made out pretty good
Good luck
Thank you Jack for the support. I would volunteer all over again if I could.

I didn't know KBB did that! I'll look into it. (y)
 

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Discussion Starter · #7 ·
I'd get a quote for purchase from Carmax also. I found they offered more than anyone else when I sold my 2021 Santa Fe Limited. A local dealer gave me a quote that was slightly higher than carmax, but when I got in front of them, they wanted to give me $3k less. So I walked, went to Carmax, and hour later had a check in my hand.
See this is all good info! I didn't think about Carmax either馃う鈥嶁檪锔
 

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So in anticipation of picking up my FE next month, I'm trying to decide whether I should do a private party sale of my 2019 Niro EV Premium with less than 24K on the odometer or do a trade in with the dealer. I've never done a trade in with a dealer before so this will be a new adventure for me. I did a KBB lookup for the value of the car for my area (Colorado Springs, CO) and it looks like unfortunately it is worth right around what I still owe on it. I guess this could be good or bad depending on how you look at it.

I post this because there are a lot of really smart and experienced individuals within this forum so I'm looking for a little mentorship sent my way!

If a private party sale is recommended, what are some suggestions for where to list it, i.e., Facebook Marketplace, Craigslist, Autotrader, etc...

If a trade in is recommended, please don't assume I know anything about this process and share any tidbits of experience 馃槆
!

Thank you in advance!
Welcome to the forum.

I may be repeating some of what's already posted here, but:

First get a trade-in quote from the FE dealer. Get it in writing.

Then get sale quotes from Carvana, Vroom, CarGurus, Edmunds, and CarMax (if it's in your area), and maybe one other local independent car dealer.

Your goal is to get the highest price possible for your used car of course, but this is the important part-- the FE dealer's quote doesn't have to be the beat the others to be the best one for you because if you trade-in the value of your trade reduces the purchase price of the FE, thus saving you sales tax. So if the dealer offers you, say, $20000 for your trade and you live in a state that's 7% sales tax, that offer is effectively really worth $21400, which will beat the place that's offering you $21000 cash.

You can often make more selling a car to a private party than trading it or selling to an online outlet, but private party sales are always fraught. They're a lot of work and there is potential for fraud if you're not careful. Plus it can take a while. But if you want the absolute highest price for your car, private is the way to go.

Good luck to you. Hope this was helpful.

Joe
 

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FE Glacier #683
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Discussion Starter · #9 ·
Welcome to the forum.

I may be repeating some of what's already posted here, but:

First get a trade-in quote from the FE dealer. Get it in writing.

Then get sale quotes from Carvana, Vroom, CarGurus, Edmunds, and CarMax (if it's in your area), and maybe one other local independent car dealer.

Your goal is to get the highest price possible for your used car of course, but this is the important part-- the FE dealer's quote doesn't have to be the beat the others to be the best one for you because if you trade-in the value of your trade reduces the purchase price of the FE, thus saving you sales tax. So if the dealer offers you, say, $20000 for your trade and you live in a state that's 7% sales tax, that offer is effectively really worth $21400, which will beat the place that's offering you $21000 cash.

You can often make more selling a car to a private party than trading it or selling to an online outlet, but private party sales are always fraught. They're a lot of work and there is potential for fraud if you're not careful. Plus it can take a while. But if you want the absolute highest price for your car, private is the way to go.

Good luck to you. Hope this was helpful.

Joe
Thank you Joe for the welcome and advice! Every response to this post has helped me with something I didn't think about or realize. I really appreciate it.
 

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Concur with the above. I sold/trade an ID.4, Model Y, and Mach-E last year and had offers from CarMax, Carvana, and Vroom that were all reasonable.

Heck鈥 Mach-E quotes were all $1-2K over MSRP because of demand. Ford is having production problems so supply is limited. The Niro EV should have resale value since it is an EV. You claimed the $7500 tax credit for it in 2019, right?
 

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Discussion Starter · #11 ·
Concur with the above. I sold/trade an ID.4, Model Y, and Mach-E last year and had offers from CarMax, Carvana, and Vroom that were all reasonable.

Heck鈥 Mach-E quotes were all $1-2K over MSRP because of demand. Ford is having production problems so supply is limited. The Niro EV should have resale value since it is an EV. You claimed the $7500 tax credit for it in 2019, right?
I did sir claim the $7500 so that has helped with knowing it doesn't look like I'm going to get an offer to cover what I still owe on the car. The EchoPark so far has offered the most. But I'm still waiting for my EV6 dealer to come back with one.
 

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Discussion Starter · #14 ·
Definitely check Vroom. They鈥檙e offering me $28000 on my 2019 Prius Prime which is much more than I鈥檓 seeing anywhere else.
Welcome to the forum.

I may be repeating some of what's already posted here, but:

First get a trade-in quote from the FE dealer. Get it in writing.

Then get sale quotes from Carvana, Vroom, CarGurus, Edmunds, and CarMax (if it's in your area), and maybe one other local independent car dealer.

Your goal is to get the highest price possible for your used car of course, but this is the important part-- the FE dealer's quote doesn't have to be the beat the others to be the best one for you because if you trade-in the value of your trade reduces the purchase price of the FE, thus saving you sales tax. So if the dealer offers you, say, $20000 for your trade and you live in a state that's 7% sales tax, that offer is effectively really worth $21400, which will beat the place that's offering you $21000 cash.

You can often make more selling a car to a private party than trading it or selling to an online outlet, but private party sales are always fraught. They're a lot of work and there is potential for fraud if you're not careful. Plus it can take a while. But if you want the absolute highest price for your car, private is the way to go.

Good luck to you. Hope this was helpful.

Joe
Vroom is the clear winner! They just offered over 31K! Thank you both for recommending them.
 

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A couple other things to consider:

1) If you have a local used-car lot with a good reputation, they may offer more than the dealer. They will sometimes split the difference if they have a relationship with the dealer (e.g. dealer offers you $20k, used car lot will pay $23k, you can do a 3-way deal where you trade it to the dealer but they have an agreement to turn and sell immediately to the 3rd party and you get $21,500). That way you also still get the sales tax reduction on your car.

2) If you're doing a private sale, fraud and theft is rampant. I've heard stories of people driving away in cars as soon as the owner's back is turned, and all sorts of financial fraud. Don't put yourself in a situation where they have the keys and you're not in the car. And the one time I did a private sale I was clear with the buyer that I wanted to do the transaction at the bank - they withdrew cash so I knew it wasn't counterfeit bills. Was only about $7k mind you. There are probably escrow / lawyer services you could use to facilitate the purchase and avoid fraud, but it'll cut into any price advantage.
 
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